A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Coinrate consists of four parts: general information, fees, deposit methods and security.
UPDATE 8 November 2019: We have received an email from one user accusing Coinrate of stealing 0.0195 BTC from the user’s account (with supporting information and screenshots). Naturally, we take such allegations very seriously. We have emailed Coinrate but they have not responded. Accordingly, we would like to urge any prospective users of this exchange to be careful. We do not recommend it.
UPDATE 22 March 2020: While the exchange is still operational, the trading volume has been 0 for quite some time. Accordingly, we have marked this exchange as "dead" in our database and moved it to the Exchange Graveyard.
Coinrate is a cryptocurrency exchange from the United Kingdom. However, this exchange is as good as dead. On the date of last updating this review (8 November 2019), the 24 hour trading volume at this exchange was 0. Nothing. The 30-day trading volume was also zero. This has been the case since early June 2019. Accordingly, we think it’s fair to say that this exchange is out of business.
United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
Generally speaking, it is very difficult to obtain information about this exchange. For instance, there is no information anywhere on whether US-investors are permitted or not.
Coinrate Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the quite limited trading view at Coinrate:
Coinrate Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees. On the exchange’s web page, they have a small text saying that the trading fees range from 0.25% to 3.00%. We have not been able to find any information and when the fee is 3.00% and when it is 0.25%. To avoid disappointment, your assumption should be that the fee is 3.00%.
Coinrate Withdrawal fees
We have not been able to find any information on the withdrawal fees. This is potentially a risk for you as an investor (if they are not informed of anywhere we believe there is a higher risk that they are high). Accordingly, we strongly urge you to make your own analysis of the withdrawal fees at the exchange before depositing any funds there and before concluding that this exchange is the best cryptocurrency exchange site for you.
We have not been able to find any info on the available deposit methods at Coinrate.
Coinrate’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
All in all, considering the extreme lack of information about the exchange on the exchange site, we do not recommend you to create an account at Coinrate.
We hope you have enjoyed reading the above review. We also recommend checking out the following exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: